Share Market Update: Sensex closes 184 points lower ahead of RBI monetary policy, Nifty holds 12,000 level
Benchmark indices Sensex and Nifty closed lower today ahead of the RBI monetary policy announcement on Thursday. While Sensex fell 184 points to 40,083 leve, Nifty fell 66 points to 12,021. Banking and auto stocks ended lower on BSE ahead of the key policy announcement by RBI. Losses were led by IT stocks which came under pressure from a strong rupee. The BSE IT index closed 260 points lower at 15,715. Oil and gas and healthcare stocks too ended lower with their indices falling 132 points each on BSE.
The strength of Indian rupee moved the market today after the Indian currency gained over 72 paise since Thursday last week.
Market breadth was negative with 1,093 stocks advancing compared to 1,416 falling on BSE.
HCL Tech, TCS and Hero MotoCorp were the top Sensex losers. YES Bank, NTPC and Axis Bank were top Sensex gainers. Mid cap and small cap indices ended marginally lower on BSE.
Here's a look at live updates for the Indian share market today.
3: 30 pm: Sensex fell 184 points to 40,083 leve, Nifty fell 66 points to 12,021.
3: 25 pm: Penna Cement Industries has received markets regulator Sebi's go ahead for its Rs 1,550-crore initial public offering (IPO). The IPO of Penna Cement comprises fresh issue of up to Rs 1,300 crore and an offer for sale of up to Rs 250 crore by the company's promoter, PR Cement Holdings Limited. In November last year, Penna Cement Industries had filed draft papers with Sebi to raise Rs 1,550 crore through IPO.
2: 51 pm: Market breadth is negative with 1081 stocks trading higher compared to 1396 falling on BSE.
2: 50 pm: Of 30 Sensex stocks, 16 are trading in the red.
2: 35 pm : Sensex loses 111 points to 40,155 level. Nifty down 39 points to 12,048.
2: 30 pm: Bank Nifty trading 28 points higher at 31,681.
2:15 pm: Titan Company stock, a part of ace investor Rakesh Jhunjhunwala's portfolio, hit a fresh 52-week high in early trade today.Titan Company stock rose to a fresh all-time high of 1,278.35 level, rising 1.08% compared to its previous close of 1,264.60 on BSE.
At 2:33 pm, the stock was trading 0.97% or 10 points lower at 1252 level on BSE.
2:00 pm: GE Power India share price rose in trade today after the firm said it has bagged a contract worth Rs 738 crore from Aravali Power Company Private Limited. GE Power India share price rose up to 5.19% to hit an intra day high of 930.40 on BSE.
At 2:00 pm, GE Power India share was trading 3.35% or 30 points higher at 914 level.
1:40 pm: Shyam Steel Industries has filed draft papers with markets regulator Sebi for its initial public offering. The IPO consists of fresh issue of up to Rs 200 crore and an offer for sale of up to 66.70 lakh shares, comprising up to 11.60 lakh shares by the promoter selling shareholders and up to 55.09 lakh shares by other selling shareholders, according to the Draft Red Herring Prospectus (DRHP). Market sources said the IPO size is estimated to be around Rs 500 crore.
1:25 pm: Bharat Petroleum Corp and Hindustan Petroleum Corp (HPCL) have joined in the country's longest LPG pipeline project being laid by state-owned Indian Oil Corp (IOC) to cater to cooking fuel needs of a fourth of the country's population. BPCL and HPCL will take 25 per cent stake each in the Rs 9,000-cr project that involves laying of a pipeline from Kandla in Gujarat to Gorakhpur in Uttar Pradesh, the companies said in separate but almost identical regulatory filings. IOC, which had in 2016 proposed laying of the pipeline, will hold the remaining 50 per cent stake.
1: 05 pm: Indices cut losses in afternoon trade. While Sensex fell 61 points to 40,205 with 15 components in the red, Nifty lost 29 points to 12,059.
12: 45 pm:104 securities hit upper circuit compared to 178 falling to lower circuit on BSE.
12: 30 pm: Shishir Baijal, Chairman & Managing Director at Knight Frank India expressed hope that the MPC takes the decision to further reduce the REPO and reverse REPO rate by 50 basis points bringing it down to 5.5% and 5.25% respectively. This will help in liquidity injection in the economy and help revive the currently stalled credit cycle, increase broad-based investments, give a boost to consumption expenditure, and the benefit will likely percolate from banks to the Non-Banking Financial Companies (NBFC). In turn, stalled sectors like real estate may be able to get better credit access.
12: 15 pm: The Monetary Policy Committee headed by RBI Governor Shaktikanta Das is deliberating on the second bi-monthly policy review of the current fiscal, amid expectations of a 25 basis points cut in lending rate to boost the slowing economy. The central bank has slashed the short-term lending rate (repo rate) by 25 basis points (0.25 percentage points) each in its last two policy reviews. The Thursday policy review will be RBI's first after the results of 2019 Lok Sabha elections. Monetary Policy Committee (MPC) is meeting on June 3, 4 and 6, 2019 to decide on the rate stance of the apex bank.
12:01 pm: Fitch lowers the Long-Term IDR and Viability Rating of Axis Bank to 'BB+' and 'bb+', respectively, from 'BBB-' and 'bbb-'. Stock trading 0.28% higher at 815 on BSE.
11: 51 am: "Till the RBI policy and the budget is out, markets will be hoping for a lot of reforms," said Deepak Jasani, analyst at HDFC Securities. "To what extent those hopes are fulfilled, we don't know... the index will be mildly bullish till these two events are done."
11: 40 am : Top gainers on BSE are IDBI Bank (8%), Oriental Bank of Commerce (6.61%) and Union Bank of India (4.11%).
11: 30 am: Sensex trading 150 points lower at 40,117. Nifty down 53 points to 12,035 level.
11: 15 am: Bharti Airtel says its Africa arm will raise $750 million via public offer, London Stock Exchange listing, stock trading 0.06% lower at 352.85 on BSE.
10: 50 am : Drug firm Dr Reddy's Laboratories said it has re-launched its generic Zenatane capsules in the US market. The company has re-launched Zenatane (Isotretinoin Capsules, USP) in the strengths of 10 mg, 20 mg, 30 mg and 40 mg, Dr Reddy's said.
The product is a generic version of Hoffman LaRoche's Accutane capsules. Dr Reddy's share price trading 1.43% or 38 points lower at 2680 on BSE.
10: 40 AM: ICICI Bank trading 0.73% lower at 419.75 on BSE. Global rating agency Fitch has downgraded ICICI Bank by a notch as financial health of the private sector banks has weakened. The rating action comes amid the challenges the bank faces in its operating environment, Fitch Ratings said.
10: 25 am: Larsen & Toubro Technology Services' (LTTS) promoter L&T plans to sell 40.34 lakh shares on June 4 and 6. LTTS said that L&T will sell up to 40,34,399 equity shares of face value of Rs 2 each that represent 3.88 per cent of the total paid up equity share capital.
10:20 am: 40 stocks hit their fresh 52-week highs and 67 stocks fell to their 52-week lows on BSE.
10:00 am: Sensex falls 100 points to 40,171 with 19 components in the red, Nifty loses 35 points to 12,052.
9: 45 am: The rupee continued its upward move with the currency rising 26 paise to 69.00 against the US dollar in early trade driven by weakening of the greenback in overseas markets and sustained foreign fund inflows.
9: 33 am: Bajaj Finance (0.77%), PowerGrid (0.73%) and NTPC (0.56%) were the top Sensex gainers.
9: 32 am:Top Sensex losers were TCS (1.75%), Infosys (1.21%) and HCL Tech (1.08%).
9: 31 am: On Monday, Sensex closed 553 points higher at 40,267 level, Nifty rose 165 points to 12,088 level.
9: 30 am: Mid cap and small cap indices were trading 15 points and 0.01 points lower in early trade.
9: 25 am:Market breadth was positive with 606 stocks trading higher compared to 363 falling on BSE.
9: 22 am:IT stocks led the losses with rupee gaining for the third consecutive session. The BSE IT index fell 165 points to 15,809 respectively.
9: 20 am: Consumer durables and capital goods stocks were the top gainers with their indices rising 117 and 157 points, respectively.
9: 15 am: While Sensex fell 71 points to 40,196 with 29 components in the red, Nifty lost 32 points to 12,054.
9: 10 am: On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3068 crore on Monday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 462 crore, provisional data available with BSE showed.
9: 05 am: Rupee opened higher by 11 paise at 69.15 per dollar compared to its last close of 69.26.The currency has gained 72 paise since Thursday last week.